U.S. House Republicans put a spotlight on the government's $31.4 trillion debt in a closed-door meeting on Wednesday, while President Joe Biden pledged more aggressive action on the federal deficit, a day before he was due to unveil his 2024 spending plan.
The emergence of the two budgets are seen as the starting gun for negotiations between House Speaker Kevin McCarthy and Biden over spending for fiscal 2024, which begins Sept. 1.
"If people know the dire situation we're currently in, who would ever walk out of that and say you just have to pass a clean debt ceiling?" the California Republican told Reuters. The briefing was welcomed by outside budget experts. Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget, called the event "an encouraging step toward educating lawmakers with a shared set of facts on our fiscal outlook."Each party blames the other for the country's fiscal position.
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